Reflections on public blockchains in 2026:

SmartContractAuditor · 2026-03-28T15:56:17+00:00

The development of public blockchains faces challenges, and traditional operational models are no longer sustainable. Project loyalty and the healthy development of the public chain ecosystem are being questioned, with founders more inclined to choose other chains rather than remain loyal to new ones. Future public blockchains will become more centralized, focusing on controllability rather than relying on the natural growth of the ecosystem. To adapt to this change, it is necessary to reassess market models and human resource strategies.

SmartContractAuditor

2026-03-28 15:56:17

Abstract generation in progress

Thoughts on public chains in 2026:

The strategy of “controlling inflation + high interest attracting deposits + the trifecta of DeFi + founder’s dog meme + we have our own hyperliquid + crazy OTC sales to liquid funds” is no longer viable.
This is not just an issue for Monad and MegaETH, but also for Rise, Fogo, and even N1. The older public chains are looking at the situation; Sei and Polygon seem to still be struggling, while most have already given up.
The loyalty of projects incubated on public chains from day one remains questionable, as the few founders in the industry already have options like BNB Chain, Solana, and even Base to deploy on. Most coming to new chains are eyeing the public chain foundation’s purse. Once they secure funding through endorsements and attract the first wave of users from the public chain community, founders have the motivation to: 1) create their own app chain to boost valuation 2) switch to compete on other chains.
This has led to some founders no longer claiming to be part of the xx ecosystem, but rather stating that the xx chain is our “GTM Partner.”
Therefore, if ecosystem projects are too weak, they can’t be supported; if they’re too strong, they become a backstabber to their benefactor.
The previously free-range, neutral public chain construction model has essentially come to an end; the valuation model based on MEV income needs to be revised (here @LeePima). Today’s public chains are more about carrying a sense of control rather than possibility, engaging in fintech under a controllable economic system.
Future public chains will have a centralized power structure, with top-down dev shops and CVCs, where the main role of the treasury is M&A, engaging in fervent vertical mergers rather than nurturing ecosystems. This means there will no longer be king makers like Solana (cc. @mablejiang).
In this sense, BNB Chain, Tempo, and Monad are moving in the same direction, just with differences in regional adaptations and resource inclinations.
The final question arises: what model should we use to estimate FDV and then trade accordingly? The skill set is entirely geared towards growth managers, operations managers, etc., focused on selling coins and extracting profits; the tickets from the old era may not grant access to the new era’s ship.

MON7.78%

FOGO-3.82%

SEI-0.14%

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